This week’s Italy-Africa Summit witnessed the European Commission and the African Development Bank Group formalizing a €50 billion Financial Framework Partnership Agreement (“FFPA”). This agreement, coupled with Italy’s €5.5 billion strategic partnership unveiled at the summit, signifies a significant commitment to bolstering infrastructure, energy security, and economic development across Africa. 20 African leaders attended the summit, and 45 African states were represented, in Rome, Italy on January 28, 2024. The FFPA marks a 33% increase in
Category: Railway News
Ivanhoe Mines Commits to Long-Term Mineral Transport via Lobito Corridor
According to a February 7, 2024, press release from Trafigura, Ivanhoe’s (JV partner is Zijin Mining) Kamoa-Kakula mine in the DRC has agreed to use the Lobito Corridor’s railway to transport mined copper for a minimum of six years. This marks the first long-term commercial commitment to the Lobito Atlantic Railway since Trafigura’s and JV partners won the concession from the government of Angola. Jeremy Weir, CEO of Trafigura had
China to Invest $1B in Revamping African Railway Amid Global Mineral Trade Competition
Amid intensifying competition among global powers for control over critical mineral trade routes, China unveils plans to allocate US$1 billion towards refurbishing a vital railway line. This initiative, under the Belt and Road Initiative, aims to upgrade the Tanzania-Zambia railway, connecting Zambia’s copper belt region to the Tanzanian port of Dar es Salaam. Recently, China’s ambassador to Zambia presented a proposal to Zambia’s Transport Minister, outlining the investment to be
CFM DISCUSSED RAIL LINKS BETWEEN SOUTH-ZAMBIA AND NAMIBIA
During the conference titled “Revitalization of Transport and Export Processes for Iron Ore and Ornamental Rocks in Southern Angola” on December 7th in Menongue, 84 attendees stressed the critical necessity of establishing railway connections in the region. Their focus was on expanding the Moçâmedes Railway (CFM) to create links between Menongue-Malanje (extending further to Zambia) and connecting Namibe to a terminal in Namibia. They urged for a link between Menongue-Malanje
USD 956 MILLION NEEDED FOR THE MODERNIZATION OF THE MATADI-KINSHASA RAILWAY
The Matadi-Kinshasa railway modernization project necessitates a budget of $956 million, as revealed by Adel Kayinda, Minister of State and Minister of Portfolio, during the recent Council of Ministers meeting held on February 16, 2024. Kayinda outlined the essential steps required for the successful execution of this transformative railway project in the Democratic Republic of Congo (DRC), emphasizing positive assessments from the Analysis Commission regarding technical, financial, and legal aspects.
U.S. and China Back Competing Rail Corridors to Zambia’s Copper Belt
The U.S government has given new commitments in the development of the Lobito Corridor, which is proposed as a critical trade route to facilitate movement of green energy resources in the Southern Africa region. At a forum last week in Lusaka convened by the G7’s Partnership for Global Infrastructure and Investment (PGI), the U.S. International Development Finance Corporation (DFC) announced new financing support for the corridor, which extends across Angola,